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Title: Currency and Financial Crises of the 1990s and 2000s

Author(s): Assaf Razin and Steven Rosefielde

Publication Date: February 2011

Keyword(s): deregulation, liquidity trap and shadow banking

Programme Area(s): International Macroeconomics

Abstract: We survey three distinct types of financial crises which took place in the 1990s and the 2000s: 1) The credit implosion leading to severe banking crisis in Japan; 2) The foreign reserves? meltdown triggered by foreign hot money flight from frothy economies with fixed exchange rate regimes of developing Asian economies, and 3) The 2008 worldwide debacle rooted in financial institutional opacity and reckless aggregate demand management, epi-centered in the US, that spread almost instantaneously across the globe, mostly through international financial networks.

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Bibliographic Reference

Razin, A and Rosefielde, S. 2011. 'Currency and Financial Crises of the 1990s and 2000s'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=8264